Police set up special hotline to report unauthorized dollar trading

A special task force has been established to receive information on unauthorized foreign exchange dealers, as part of efforts to curb illegal dollar trading.

Police have urged the public to report individuals engaged in foreign currency transactions without a money exchange licence issued by the Maldives Monetary Authority (MMA).

Anyone with information is asked to send a message to the task force’s operations number: 9388733.

Police said the number can be used to share information via SMS and messaging applications such as Viber, WhatsApp and Telegram. They assured that the identity of informants, and the information they provide, will be fully protected.

Those who report such cases will not be required to take part in any investigative proceedings. Police thanked the public for their cooperation.

At a press conference on the 24th of last month, Home Minister Ali Ihusaan said seven illegal money exchangers had been investigated, and that USD 76 million had circulated in the black market over the past nine months.

The government has announced strict measures to control black-market dollar trading. Advertising or promoting foreign currency at rates above those set by the MMA is prohibited. It is also an offence to disclose, publish or disseminate black-market rates through digital means or otherwise.